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December 17, 2012 12:15 pm EST

Sprint confirms it's buying the rest of Clearwire for $2.2 billion

Sprint confirms it's buying the rest of Clearwire for $22 billion

Sprint has just announced that it has entered into a "definitive agreement" to buy the 50 percent stake of Clearwire it doesn't already own. The transaction, worth $2.2 billion, is $100 million higher than the original offer House Hesse had made, once rumors of the deal had pushed Clearwire's share price up. While the deal is contingent upon the legal nuts-and-bolts of the Sprint-Softbank merger going through, the Japanese company has already given its blessing to the deal.

Big Yellow has also garnered support from Clearwire's big-ticket minority shareholders, including Comcast, Intel and BrightHouse Networks. As part of the deal, Sprint will take on Clearwire's $5.5 billion in debt and licensing obligations, as well as coughing up a further $800 million in investment for the constantly-ailing network provider. If it meets regulatory approval, then the deal will complete in 2013, and never again will Dan Hesse have to have that dream nightmare about LightSquared.

Continue reading Sprint confirms it's buying the rest of Clearwire for $2.2 billion

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Original Link: http://www.engadget.com/2012/12/17/sprint-buys-clearwire/

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Engadget

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics. Engadget was launched in March of 2004 in partnership with the Weblogs, Inc. Network (WI

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